Cautious optimism ahead of Magic Millions National Yearling Sale
Trainers and agents do homework in the hope of striking gold in buyers’ market
Vendors, left without “many more throws of the dice”, are hoping that the dramatic surge in betting turnover on racing and renewed interest in the sport in recent months can help fuel end-user demand for racing stock at the Magic Millions National Yearling Sale.
The two-day sale, bringing an end to the jam-packed national broodmare, weanling and now yearling and racehorse auction on the Gold Coast, could provide further illumination about the overall appetite for ownership investment, particularly by those playing below the top-end of the market.
The buying bench at the National Yearling Sale has taken a hit with Victorians unable to attend due to the out-of-control nature of the coronavirus in their home state and some Sydneysiders have also been locked out of Queensland.
Despite that, stakeholders were somewhat surprised by those potential buyers who were on the Gold Coast yesterday, with a number of agents either staying on or arriving for the sale while interstate and local trainers have also made an effort to attend.
Wattle Bloodstock’s Peter Twomey, Neil Jenkinson and Olly Koolman as well as Sheamus Mills, Bevan Smith and Paul Willetts were among those agents finalising their short lists under blue skies yesterday.
Brisbane trainer Kelly Schweida and a host of syndicators including Dynamic, Prime Thoroughbreds, Flying Start and Darby Racing were also on the ground conducting inspections.
Koolman is attending the National yearling sale for the first time and compiled lists of potential candidates for various clients and entities who could not be on the Gold Coast themselves.
The agent was upbeat about the outlook for the industry which had survived and prospered since equine influenza and the GFC.
“I just think the way prize-money is, there’s still an opportunity. You don’t need to spend $300,000-$400,000 on a horse to get a winner. You are racing on Saturday for pretty good money,” Koolman told ANZ Bloodstock News.
“If we can keep racing going, we’re the winner. Racing’s survived everything. We didn’t fall over in the war, EI didn’t knock us down and I don’t think the pandemic will either. We’re too resilient; we’re too much fun, we’re a sport that everyone can get involved in and I’ll back it all the way.”
Magic Millions bloodstock manager Clint Donovan took heart from what was achieved at last week’s broodmare and weanling sales but believes that if there was a segment of the market to take a hit, it could be the yearlings.
“There’s no doubt that it will be challenging from a sales company and vendor point of view, but I think there will be some really nice horses who will be well found by the buying bench but that might be one in every 15 or so,” Donovan said.
“There’s going to be some big opportunities on horses that in previous years might have been $40,000 and $50,000 that will be making $15,000 and $20,000.
“This sale is different (to last week’s) as we are dealing with the complete end-user scenario with these yearlings, barring a few people looking to trade into the two-year-old sale.
“There is confidence with the racing keeping on going, touch wood, and the fact that betting turnover is up through this period then we’re certainly cautiously optimistic that we can have some sort of success over the next two days.”
Given that vendors have been prepared to bring their yearlings – or new season two-year-olds as they are now – to the Gold Coast, Donovan says buyers can be confident that sellers will be prepared to put their horses on the market in order to move them on.
He said: “They are here to sell and there are a number of commercial farms here with nice horses who have said to me that they are going to be unreserved. The market will be truly tested.”
Raheen Stud’s Basil Nolan, who is also president of Thoroughbred Breeders Australia and has four lots to go through the ring, reaffirmed Donovan’s view.
“I think people realise that we have continued to race and to continue to race we need horses for that, so I think a lot of trainers have surprised me really that they are here,” Nolan said yesterday.
“Leading trainers from Sydney have made the effort to get here and hopefully they go home with a nice horse.
“As for vendors, we haven’t got many more throws of the dice, so we have got to lower our sights and move on.”
The progeny of stallions such as American Pharoah (Pioneerof The Nile), Brazen Beau (I Am Invincible), Capitalist (Written Tycoon), Deep Field (Northern Meteor), Dundeel (High Chaparral), Pierro (Lonhro) and the recently crowned leading first season sire Pride Of Dubai (Street Cry) are all represented in the National sale.
Four-time champion sire Snitzel (Redoute’s Choice) also has four lots catalogued, while stock by So You Think (High Chaparral), Written Tycoon (Iglesia) and Zoustar (Northern Meteor) are also on offer.
“We have sold some amazing horses out of what is traditionally the June sale and it’s now August, which is hard to believe, but vendors have taken the opportunity on board and got horses professionally broken in,” Donovan said.
“They have taken videos of the process and used it as a marketing tool. People can buy a nice horse here that’s broken in and untried. It could be anything.”
Selling on day one of the National Yearling Sale starts at 10am.